FINES
Aside from the IRS Pub 4557, the latest FTC guidelines under the Gramm-Leach-Bliley Act have gone into penalty phase since June 2023.
If you’re found non-compliant, you could face up to $43,000 in fines per day.
AUDITS
Once the audit happens, you can’t prepare anymore.
You need to be compliant now if you want a clean audit later. Running after the paper trail during an actual audit swallows all your resources, creates endless headaches, and often isn’t enough to actually prevent penalties in case of previous noncompliance.